SM Development Corp. (SMDC), the residential arm of SM Prime Holdings Inc., recorded a 23 percent increase in revenue in the first quarter of 2020 to P11.4 billion from P9.3 billion in the same period last year.
Reservation sales in the first quarter amounted to P24.8 billion.
SMDC accounts for 44 percent of SM Prime’s consolidated revenues which totalled P25.8 billion in the first quarter. This is 3 percent lower from P26.5 billion of the same period last year.
In a statement, SM Prime reported that with 16,000 housing units available, equivalent to 12 months of sale, it has enough supply to cushion the effect of construction delays in the residential projects due to the ECQ.
“The residential segment has shown strong growth in the first three months, abating the effect of revenue losses in the malls segment. The balance between our recurring and developmental income streams sustains our healthy financial position during this pandemic,” said SM Prime president Jeffrey Lim.